Terreno Realty Corporation (TRNO) Income Statement
TRNO 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsTRNO revenue and net income
Where TRNO's revenue goes
2025Each bar shows an amount and its share of revenue. TRNO kept 84.6% of revenue as net income.
TRNO profit margins
TRNO growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +24.5% | +19.9% | +20.6% | +17.4% |
| Gross profit | +27.0% | +20.3% | +21.3% | +18.0% |
| Operating income | +30.0% | +20.4% | +11.0% | +23.0% |
| Net income | +118.4% | +26.7% | +38.2% | +39.3% |
| EPS (diluted) | +1.1% | −4.9% | +19.0% | +25.6% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
TRNO quarterly EPS vs estimates
Terreno Realty beat the analyst EPS estimate in 7 of the last 8 quarters. Next report: November 4, 2026 (estimate $0.74).
TRNO income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $476.4M | $382.6M | $323.6M | $276.2M | $221.9M | $186.9M | $171.0M | $151.7M | $132.5M | $108.4M |
| Cost of revenue | $115.1M | $98.1M | $79.1M | $68.9M | $56.2M | $49.1M | $44.2M | $40.0M | $35.9M | $30.3M |
| Gross profit | $361.3M | $284.5M | $244.5M | $207.3M | $165.7M | $137.8M | $126.8M | $111.7M | $96.6M | $78.1M |
| Research & development | — | — | $0 | $1 | $0 | $0 | $0 | $0 | $0 | $0 |
| Sales, general & admin | $47.3M | $42.6M | $37.9M | $31.2M | $27.0M | $23.5M | $23.9M | $21.5M | $19.7M | $19.3M |
| Total operating expenses | $168.8M | $136.5M | $111.2M | $97.0M | $77.7M | $23.5M | $23.9M | $62.3M | $57.6M | $53.7M |
| Operating income | $192.4M | $148.0M | $133.4M | $110.4M | $88.0M | $114.3M | $102.9M | $81.5M | $69.9M | $28.2M |
| Interest income | $5.3M | $12.1M | $5.0M | $809,000 | $822,000 | $873,000 | $3.8M | $3.7M | $169,000 | $24,000 |
| Interest expense | $32.9M | $20.9M | $24.8M | $23.9M | $18.1M | $16.0M | $16.3M | $18.2M | $16.8M | $13.1M |
| Income before taxes | $403.0M | $184.5M | $151.5M | $198.0M | $87.3M | $79.8M | $55.5M | $63.3M | $53.1M | $15.1M |
| Income taxes | — | — | $38.7M | $23.9M | $25.7M | $21.4M | $21.0M | $18.2M | $16.8M | $13.1M |
| Net income | $403.0M | $184.5M | $151.5M | $198.0M | $87.3M | $79.8M | $55.5M | $63.3M | $53.1M | $15.1M |
| EBITDA | $557.4M | $282.1M | $235.6M | $271.4M | $148.3M | $108.9M | $98.2M | $118.6M | $105.6M | $61.2M |
| EPS (diluted) | $1.86 | $1.84 | $1.81 | $2.16 | $1.00 | $0.78 | $0.72 | $0.60 | $0.35 | $0.10 |
| Gross margin | 75.8% | 74.4% | 75.6% | 75.1% | 74.7% | 73.7% | 74.2% | 73.6% | 72.9% | 72.0% |
| Operating margin | 40.4% | 38.7% | 41.2% | 40.0% | 39.7% | 61.2% | 60.2% | 53.7% | 52.7% | 26.0% |
| Net margin | 84.6% | 48.2% | 46.8% | 71.7% | 39.3% | 42.7% | 32.5% | 41.7% | 40.1% | 13.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $124.7M | $124.4M | $137.5M | $116.2M | $112.2M | $110.4M | $103.7M | $99.6M | $94.2M | $85.0M | $86.5M | $82.9M |
| Cost of revenue | $29.6M | $90.8M | $30.2M | $28.2M | $27.9M | $28.8M | $27.8M | $25.6M | $23.8M | $20.9M | $21.5M | $20.5M |
| Gross profit | $95.1M | $33.7M | $107.3M | $88.0M | $84.3M | $81.7M | $75.9M | $74.0M | $70.5M | $64.1M | $65.0M | $62.4M |
| Sales, general & admin | $13.8M | $12.4M | $11.6M | $11.6M | $12.3M | $11.7M | $10.8M | $10.8M | $10.5M | $10.5M | $9.7M | $9.1M |
| Total operating expenses | $43.0M | −$17.0M | $49.9M | $40.0M | $40.4M | $38.7M | $36.7M | $34.8M | $33.6M | $31.4M | $9.7M | $9.1M |
| Operating income | $52.1M | $50.7M | $57.4M | $48.1M | $44.0M | $43.0M | $39.2M | $39.2M | $36.9M | $32.7M | $55.2M | $53.3M |
| Interest income | $1.8M | $514,000 | $792,000 | $1.4M | $1.9M | $1.2M | $2.5M | $2.3M | $4.3M | $2.9M | $935,000 | $1.1M |
| Interest expense | $8.3M | $9.0M | $9.5M | $8.4M | $7.0M | $7.9M | $5.3M | $4.9M | $5.5M | $5.2M | $5.7M | $5.8M |
| Income before taxes | $57.6M | $69.4M | $158.2M | $103.4M | $93.3M | $48.1M | $76.1M | $36.6M | $35.7M | $36.1M | $57.6M | $30.3M |
| Income taxes | — | — | — | — | — | — | — | −$36.6M | −$35.7M | −$36.1M | $8.9M | −$30.3M |
| Net income | $57.6M | $69.4M | $158.2M | $103.4M | $93.3M | $48.1M | $76.1M | $36.6M | $35.7M | $36.1M | $57.6M | $30.3M |
| EBITDA | $95.1M | $107.9M | $193.0M | $134.2M | $123.0M | $83.0M | $102.4M | $61.0M | $59.8M | $58.9M | $52.0M | $49.8M |
| EPS (diluted) | $0.70 | $0.40 | $0.46 | $0.67 | $0.37 | $0.36 | $0.76 | $0.37 | $0.37 | $0.34 | $0.68 | $0.36 |
| Gross margin | 76.2% | 27.1% | 78.0% | 75.7% | 75.1% | 73.9% | 73.2% | 74.3% | 74.8% | 75.4% | 75.1% | 75.3% |
| Operating margin | 41.8% | 40.7% | 41.8% | 41.3% | 39.2% | 38.9% | 37.8% | 39.3% | 39.2% | 38.4% | 63.9% | 64.3% |
| Net margin | 46.2% | 55.8% | 115.1% | 88.9% | 83.1% | 43.6% | 73.4% | 36.8% | 37.9% | 42.4% | 66.6% | 36.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in TRNO's financial statements (latest annual report filed February 4, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
TRNO financial results
In fiscal year 2025 (ended December 31, 2025), Terreno Realty reported revenue of $476.4 million, up 24.5% from the year before. It had net income of $403.0 million (up 118.4%), a net profit margin of 84.6%. Diluted earnings per share came to $1.86. Over five years revenue grew at an average rate of 20.6% a year.
See the TRNO stock overview for the latest quote and news, or the TRNO chart for price history and technical indicators.
TRNO income statement FAQ
What is Terreno Realty's annual revenue?
Terreno Realty reported total revenue of $476.4 million for fiscal year 2025, which ended on December 31, 2025. That was up 24.5% from $382.6 million the previous year.
Is Terreno Realty profitable?
Yes. Terreno Realty reported net income of $403.0 million in fiscal 2025, a net profit margin of 84.6%; its operating margin was 40.4%.
What is Terreno Realty's gross margin?
Terreno Realty's gross margin was 75.8% in fiscal 2025: for every $100 of revenue, Terreno Realty kept $76 after the direct cost of its products and services.
How fast is Terreno Realty growing?
Revenue grew 20.6% a year on average over the last five fiscal years, from $186.9 million to $476.4 million.
What are Terreno Realty's earnings per share?
Terreno Realty earned $1.86 per diluted share in fiscal 2025, compared with $1.84 a year earlier.
When will Terreno Realty report its next earnings?
Terreno Realty is expected to report results for the quarter ending September 30, 2026 on November 4, 2026 after the market closes.
When does Terreno Realty's fiscal year end?
Terreno Realty's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 4, 2026.